The Brazilian government has decreed that the prizes received by medalists in the Olympic and Paralympic Games will be exempt from taxes. The measure is retroactive to July 24, so it applies to athletes competing in both events taking place in Paris.
“For the first time in history, the federal government will exempt our medalist athletes from taxes on the prizes they receive for winning medals in the Olympic and Paralympic Games,” emphasized President Luiz Inácio Lula da Silva on social media.
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The Brazilian Olympic Committee (COB) highlighted that the amounts awarded are about 40% higher than those from the previous Olympic cycle and celebrated the decision that these sums will no longer be subject to income tax. It specified that there are three categories of athletes (individual, group, and team) with prizes ranging from 1.05 million to 140,000 reais (approximately between $177,000 and $25,000).
“Brazilian athletes are having inspiring and, in many cases, brilliant performances in Paris, regardless of any financial incentives. However, we believe it is fair that the amounts donated by the COB are not taxed in any way so that they reach the true stars of the event, the Olympic athletes,” stated the president of the COB, Paulo Wanderley.
